The Financial Accounting Foundation, which oversees FASB and GASB, recently posted summaries of comment letters received on its proposed Plan to Establish a Private Company Standards Improvements Council (PCSIC); the 'FAF Plan'. FAF also posted summaries of highlights from the series of public roundtables convened this year for additional feedback on the FAF Plan.

The FAF is expected to, at a minimum, discuss the feedback on its Plan for private co standard setting, and potentially reach a decision on how it wants to proceed forward with the plan, e.g. whether to form a PCSIC (or by another name) as proposed, or with certain changes based on redeliberations over points made in comments received on the proposal.